Financing Your First Car at Evansville Kia

 2021 Kia Sorento Lineup | Evansville, IN


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Are you shopping for your first vehicle in Henderson, Kentucky, or in Evansville, Indiana? Here at Evansville Kia, we have a wide selection of reliable, budget-friendly used cars and SUVs that are perfect for young buyers. To help you out, we’ve also put together a short guide on what you’ll need to know before you finance your first vehicle with us.


Your credit score matters

Knowing the impact of your credit score is an important first step in the car-shopping process. If your score is high, you’ll be able to get a better deal on a vehicle loan. If it’s low, you’ll have to pay a higher interest rate.

This score is based on your credit history, so as a first-time buyer, you might not have a long track record to help lenders determine how trustworthy you are. Don’t worry, though — at Evansville Kia, we’ll still work with you to find a loan regardless of your credit.


Making monthly payments

When you take out a loan for a used vehicle, you’ll need to pay it back in monthly installments. Before you decide on a car, it’s a good idea to review your budget and figure out how big of a monthly payment you can afford.

Add up your living expenses, potential car insurance premiums, various vehicle ownership costs, and any other regular spending you do. Then, subtract this amount from your monthly take-home paycheck. The monthly payment you can afford should always be less than this remaining difference.


Understanding APR

The loan APR, or annual percentage rate, determines how much interest you will pay each year on the amount of money you borrow. If your loan comes with a higher APR, it will cost you more over time. Keep this expense in mind when calculating how much you can spend on monthly payments — since it’s not just the sticker price you’ll be paying.


Choosing a loan term

The loan term is how long it will take you to pay off your car loan. If the length of the loan repayment plan long, this would allow you to make lower monthly payments. However, you’ll also end up paying more in interest and fees. Most loan terms we offer at Evansville Kia are around 5 years.


Making a down payment

To save money and reduce the amount you need to borrow, you can make a down payment on the vehicle you buy. For example, if you make a down payment of $2,000, that’s $2,000 that you won’t have to pay back with interest on it.


As you begin shopping for your first vehicle, don’t hesitate to get in touch with our finance department here at Evansville Kia in Evansville, IN. We’ll work hard to get you a great deal on a car you’ll love.  


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All tax, title and vehicle registration fees are additional. See dealer for complete details.